Greece’s ongoing economic crisis and standoff with European leaders could have repercussions that impact the international economy.
That impact extends even to the gaming industry, as Greece’s efforts to further avoid defaulting on its debts may show costly to businesses like Overseas Game Technology (IGT) and Scientific Games.
Those manufacturers had been hoping to provide video lottery terminals throughout Greece, utilizing the games just days away from a launch that is planned. But, the Hellenic Gaming Commission announced new lottery regulations into the wake of the country’s monetary crisis, leaving much doubt as to the short-term future of the industry.
New Regulations Limit Play, Jackpot Size
Each day under the new regulations, daily loss limits were to be added to the machines, and gamblers would be limited as to how much time they would be allowed to play on a machine. Jackpot levels would also be reduced under the brand new regulations.
That didn’t sit well with OPAP, the Greek company that operates the video lottery terminal community. The company said that the new regulation would make operating the terminals ‘no longer viable,’ and immediately stopped the deployment of 16,500 machines throughout the country in a statement.
Considering the situation realistically, the timing of the brand new regulations and OPAP’s decision might be coincidental, and it’s really hard to see how it would be directly related to the battle over Greek financial obligation. But that doesn’t signify the crisis that is ongoingn’t be described as a element in the way the lottery terminal battle is resolved.
‘The delay does not have anything regarding the existing debt crises apart from maybe OPAP playing hardball with all the regulators hoping because they need the new tax revenue,’ said Todd Eilers of Eilers Research that they will cave.
IGT, Scientific Games Could Lose Revenue
If this is just a negotiating tactic on the component of OPAP, maybe it’s an expensive one for slot machine game manufacturers like IGT and Scientific Games. Both of these companies were terminals that are producing the Geek market, and the delays may potentially cost those two companies millions in revenue.
IGT had been awarded a vendor contract to offer 5,500 lottery machines, while Scientific Games was slated to make 5,000 machines for the market. Two European manufacturers, Inspired Gaming and Synot, were additionally awarded vendor that is first-phase.
IGT was likely to make up to $30 million in annual revenues from the machines provided to Greece, while Scientific Games could make as much as $27 million.
The delays as well as the crisis that is financial undoubtedly brought some uncertainty to the Greek movie lottery terminal market, but Eilers says that in the long term, Greece should still be a lucrative market for manufacturers.
‘We nevertheless believe the VLT market will move forward and represents a sizable growth opportunity for vendors,’ he said.
The negotiations within the future of Greece’s lottery terminals comes at time when much bigger battles are now being waged throughout the nation’s financial future.
Greeks voted ‘no’ on the lending that is strict offered by international creditors on Sunday, with over 61 percent of voters being released contrary to the terms.
But that vote does not mean that Greece isn’t ready to negotiate. Prime Minister Alexis Tsipras claims that the Greek federal government is still ready in order to make some changes so as to receive assistance from Europe, and requested a three-year loan from the eurozone’s bailout investment on Wednesday.
$5 Billion Pinnacle Entertainment Takeover Is Odds On
Pinnacle Entertainment is having an advertising year in terms of their stock price is soaring. (Image: Pinnacle.com)
Pinnacle Entertainment’s share price rose to an annual high on following a revised $5 billion takeover bid from Gaming and Leisure Properties (GLPI); a bid that analysts say Pinnacle would be mad to turn down tuesday.
The offer that is new an increase of $900 million on a bid Pinnacle rebuffed in March.
The news headlines of the proposal delivered Pinnacle’s stock price up by planet 7 oz bonus codes june 2019 5.82 percent regarding the New York inventory Exchange, as investors took the view, shared by JP Morgan, that the takeover is practically a done deal.
‘We have a time that is tough a scenario where Pinnacle’s board and management could create the same value in the same time frame that GLPI’s deal would, and we do not see the likelihood of a superior bid from another entity,’ JP Morgan Gaming Analyst Joe Greff told the Las vegas, nevada Review Journal on Tuesday.
Bing Crosby No On Board
GLPI, a spin-off that is corporate of nationwide Gaming formed in 2013, trades on the NASDAQ and owns 21 casino and racino properties across the US, like the Penn National Race Course in Grantville, Pennsylvania.
Pinnacle, meanwhile, traces its history right back to 1938 whenever Jack L Warner, head of the Warner Brothers Studio, opened the Hollywood Park Racetrack. Initial shareholders in the ongoing company included Walt Disney and Bing Crosby.
The group was initially referred to as Hollywood Park Entertainment, and later Hollywood Park Inc, before it changed its title to Pinnacle Entertainment when the racetrack was sold to Churchill Downs in 2000.
Today, it owns 15 casino properties in the US, also a stake that is controlling the racing permit owner. In addition has 26 percent stake in Asian Coast developing Ltd, the dog owner and designer of the Ho Tram Strip in Vietnam, which has benefited from the present economic downturn in Macau, as Chinese high-rollers seek to evade the scrutiny for the Chinese government.
In 2013 Pinnacle acquired Ameristar Casinos for $869 million and $1.9 billion of assumed debt, adding nine new properties to its portfolio and really doubling in size.
Under the brand new proposition, Pinnacle shareholders would also receive a better deal; GLPI is offering $47.50 per share of Pinnacle, and would also give Pinnacle investors a 28 per cent stake of GLPI.
However, the language GLPI has used, even its press releases, makes it clear that this may be a hostile takeover.
‘GLPI has committed financing in place and is ready to finalize this deal immediately, and we would expect to shut our transaction within approximately six months of signing,’ the company said in a declaration. ‘Nevertheless, Pinnacle continues to help make new demands, delaying the signing of a definitive contract and denying its investors a value-creating transaction that is clearly better than Pinnacle’s previously announced standalone separation plan.
Bwin.party Confirms GVC Bid
Bwin.party board says it can ‘see the possible benefits’ for the GVC /Amaya deal, because it files another disappointing report that is financial. (Image: pokergruond.com)
GVC’s Amaya-backed bid for bwin.party was confirmed by the board today.
Yesterday, The Financial Times broke the story that GVC had made a $1.4 billion offer to find the share that is entire of the web gambling firm; today, the bwin.party board said it had been considering the offer and might see the ‘potential benefits’ to shareholders that are bwin.party.
It was currently committed to resolving number of ‘transaction-related issues,’ it included.
It is not clear whether 888 Holdings, which made an offer for bwin.party in March, remains at the negotiation table.
‘Any offer produced by GVC for bwin.party Today would include part of the consideration in new GVC shares,’ said Kenneth Alexander, Chief Executive of GVC Holdings. ‘Based on the successful Sportingbet acquisition to our experience and restructuring, we think that the potential combination of GVC and bwin.party would result in substantial financial and operating synergies and represent an opportunity that is excellent both GVC and bwin.party shareholders.’
Amaya Offering ‘Some of this Capital’
Alexander was also able to make sure Amaya Inc is supplying ‘some of the capital’ in the deal, and would therefore take ‘some of the assets’ should it proceed.
It’s understood that in the event of the takeover, GVC would own nearly all bwin.party, while Amaya would find the business’s poker operations, thus offering it a foothold in the New Jersey that is regulated market.
It’s believed Amaya would also be given the option to buy the sportsbook from GVC in the future.
The offer will be a reverse takeover comprised of a combination of new GVC shares and money, although all parties have actually stressed that there might be no certainty that the deal will be accepted.
Poor Sportsbook Results
The news coincided with another disappointing report that is financial bwin.party, which said that unfavorable activities results had led to a decline in gross win margins for the first half of the season.
The company’s mobile operations have grown, however, with mobile accounting for 31 percent of total gross gaming revenue in June, up from 23 per cent within the previous 12 months.
‘Despite challenging comparatives along with the impact of EU VAT and POC taxation, our company is happy with our company performance in the half that is first’ bwin,party CEO Norbert Teufelberger said. ‘ We now have completed our new organisational set-up and streamlined our decision-making procedures, significantly improving our operational performance.’
Despite the poor sports book results Alexander remained upbeat about the potential of a bwin.party acquisition. ‘It’s been a really market that is difficult bwin however it’s also been an extremely tough market for all,’ he said. ‘ Through the GVC viewpoint, one that